News Column

Investment Couple Arrested for Defrauding Uba Millions

June 17, 2014

Henry Ifeanyi

TWO managers of an investment firm, Seltic Investment Limited, have been arrested for allegedly obtaining N30 million credit facility from a branch of United Bank for Africa (UBA) using a stolen document.

Patrick Okekaro and Dapo Ademiluyi have subsequently been arraigned before an Igbosere Magistrates Court in Lagos on a four-count charge of felony, wit and fraud.

The police prosecutor, Supol Olakanmi Omisope, told the court in charge No A\29A\2014 that the accused persons committed the offence in August 2011 in Lagos.

He said that the accused pair, with intent to defraud, did knowingly make false land documents of a property at plot 1,x1 extension, Alabubosa, Ibadan in Oyo State belonging to Proffessor Michael Akenova and Proffessor Yetunde Akenova and use it to obtain credit facilities from UBA without the consent of the couple.

He said the transactions became public knowledge when the accused could not repay the loan within the agreed time.

The bank management made efforts to take over the land but the rightful owners surfaced and alerted them they never use their property documents to obtain loan from any bank.

Omisope said following the revelations, the bank management reported the matter to the police leading to the arrest of the accused.

They pleaded not guilty to the charges.

Okekaro and Ademiluyi are out on bail.

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Source: AllAfrica

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